Biden Administration Invests $20 Billion in Clean Energy Projects to Combat Climate Change

The EPA awarded $20 billion to finance clean-energy projects across the U.S., one of the Biden administration's biggest investments in combating climate change.

The money comes from the Inflation Reduction Act's $27 billion Greenhouse Gas Reduction Fund, which provides favorable lending rates to spur investment in clean-energy technologies.

The program aims to help disadvantaged communities adopt clean energy by overcoming obstacles they face in attracting private financing.

The EPA is awarding the funds to 8 nonprofits that will serve as "green banks" and leverage nearly $7 in private funding for every $1 of federal money.

Republicans have criticized the program as a "slush fund" lacking oversight, but supporters say it will reduce emissions and deliver environmental justice.